Mark Zuckerberg's wealth hits $100 billion as Facebook shares soar on TikTok rival launch

Mark Zuckerberg's wealth hit $100 billion for the first time overnight as Facebook shares soared.

The increase in the 36 year old's wealth was boosted after the social media giant launched Instagram Reels, a direct rival to TikTok.

Facebook shares finished 6% higher on the Nasdaq and reached an all time high. Zuckerberg has a 13% stake in Facebook.

Only Amazon chief Jeff Bezos and Microsoft’s Bill Gates have reached the milestone before, although Bernard Arnault, Warren Buffet, Larry Ellison and Carlos Slim are not far behind.

Facebook has performed well during lockdown as people have been stuck at home over the past five months since coronavirus struck the globe.

Facebook is an important marketer and they are weathering the downturn in advertising better than traditional ad firms.

Rivals Amazon, Apple and Google also reported healthy results last week despite the US economy retracting by 30%.

Last week a congressional antitrust panel questioned Bezos, Tim Cook of Apple, Zuckerberg and Sundar Pichai of Alphabet - about their market power and business practices.

It was part of a broader inquiry by regulators and lawmakers into the dominance of the tech giants, with open investigations from the Justice Department, the Federal Trade Commission and state attorneys general.